N.Y. Facilities Development Corporation Act 359/68 § 10: Monies of the corporation relating to health facilities improvement program

§ 10. Monies of the corporation relating to health facilities

improvement program. Subject to the terms of any agreement between the

corporation and the state housing finance agency or the state medical

care facilities finance agency, as the case may be, and except as

otherwise authorized or provided by section nine of this act, all monies

received by the corporation shall be paid to the commissioner of

taxation and finance as agent of the corporation who shall not commingle

such monies with any other monies. Such monies shall be deposited in a

separate bank account or accounts. The monies in such account shall be

paid out on checks signed by the commissioner of taxation and finance on

requisition of the chairman of the corporation or such other officer or

employee or officers or employees as the corporation shall authorize to

make such requisitions. All deposits of such monies shall, if required

by the commissioner of taxation and finance, the state housing finance

agency or the state medical care facilities finance agency, be secured

by obligations of the United States or of the state of a market value

equal at all times to the amount of the deposit and all banks and trust

companies are authorized to give such security for such deposits.

Subject to the terms of any agreement between the corporation and the

state housing finance agency or the state medical care facilities

finance agency, as the case may be, the corporation shall have power to

invest any such monies not required for immediate use or disbursement in

obligations of the state or the United States government or obligations,

the principal and interest of which are guaranteed by the state or the

United States government, or invested in accordance with the provisions

of section 98-a of the state finance law.